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It is recommended to get a joint buildings policy to cover the entire building. You can't rely on others to get their own insurance which would lead to problems if there was a joint claim and one party was uninsured. Even if they are insured, getting two different insurers to liase and share claim costs is also a problem and adds delays and stress. A joint policy is better in everyway apart from organising everyone to agree and pay their proportion. Setting up a management company is a common way of handling this.

Steve Smith - Company Director at a leading Landlord Insurance broker with 18+ years experience in the industry
LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
See my profile for contact details

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Thank you. We have agreed not to set up a management company now due to the cost, but it is adding complications.

Would I need to cancel my landlords insurance (which seems to include buidlings? I was told by a broker that a whole house policy would include landlords insurance, which I do not want because I am likely to claim more than we would claim on buildings so would prefer my own policy.

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You can still get a joint policy for the entire property without a management company. You will just need to take out a policy with all the freeholders individidually noted as policyholders. Obviously this does mean that if freeholders change then the policy needs to be updated (having a management company negates this as the policy is in the company name). I would still try as much as you can to go down the joint policy route. If this is not possible then you should take out a buildings insurance for just your flat as a final option.

Steve Smith - Company Director at a leading Landlord Insurance broker with 18+ years experience in the industry
LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
See my profile for contact details

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